The hacking of personal or account information is becoming more and more frequent. Perhaps what's most disturbing, however, is the unprecedented size and scale of these attacks.
According to the Gemalto Breach Level Index, there were more than 1,700 data breaches - that's an average of four breaches a day - that lead to 1.3 billion compromised data records in 2016.
Vast domestic and international crime rings fuel the systematic industrialization of fraudulent activity, whose exploits net enormous returns. This makes fraud big business. Other influences include the fact that data is easier to access and steal given today's technological dependence.
Ponemon Institute revealed that the cost of cybercrime in the U.S. alone was nearly $13 billion in 2014.
The methods by which criminals monetize stolen data are both varied and inventive. Much of it ends up for sale on the dark web, which is a questionable part of the internet known for illegal and anonymous activity. Here, full or partial data sets of personal or financial data can be purchased anywhere from a dollar or several hundred.
Digital news outlet Quartz reports that the going price for a stolen identity on the dark web is $21.45.
Can your compliance program keep up with the regulatory market?Learn more
Catch payment fraud schemes with real-time monitoring.Learn more
Are you meeting anti-money laundering compliance requirements?Learn more
Make sure you know your customer (KYC). It isn't optional.Learn more
Return to the financial fraud homepage.Go back